CHAPTER 2: SRM & CRM

What is the primary goal of Supplier Relationship Management (SRM)?

• To reduce the number of suppliers

• To improve communication with suppliers

• To increase the profitability of the company

• To improve the quality of goods and services from suppliers

Which of the following is not a key component of SRM?

• Supplier segmentation

• Supplier selection

• Supplier development

• Supplier performance management

Which of the following is a benefit of effective SRM?

• Reduced supply chain costs

• Reduced supplier flexibility

• Decreased supplier innovation

• Increased supplier bargaining power

Which of the following is a best practice in SRM?

• Frequent supplier audits

• Short-term contracts with suppliers

• Minimal communication with suppliers

• Adversarial relationships with suppliers

Which of the following is a challenge in implementing SRM?

• Lack of top management support

• Insufficient supplier performance data

• Resistance to change from suppliers

• All of the above

What is the primary objective of Customer Relationship Management (CRM)?

• To reduce marketing costs

• To increase product prices

• To streamline supply chain processes

• To enhance customer satisfaction and loyalty

Which of the following is a key component of a CRM system?

• Inventory management

• Customer data analysis

• Financial forecasting

• Employee performance reviews

What is a common benefit of implementing a CRM system?

• Increased operational costs
  

• Improved customer service

• Decreased sales opportunities

• Reduced customer engagement

Which type of CRM focuses on managing and analyzing customer interactions throughout the customer lifecycle?

• Operational CRM

• Analytical CRM

• Collaborative CRM

• Strategic CRM

Which of the following is a challenge associated with CRM implementation?

• High initial investment costs

• Increased customer retention rates

• Enhanced data security

• Improved sales tracking